The United States, Peru and Australia have decided to join the talks on the Trans-Pacific Strategic and Economic Partnership, known as the TransPac, previously signed by Chile, Brunei, New Zealand and Singapore, Peruvian media reported Friday.
The seven nations will kick off the negotiations in March next year in an effort to further promote trade liberalization and curb any upturn of protectionism amid the ongoing financial crisis, Chilean Foreign Minister Alejandro Foxley was quoted as saying.
The decision, announced Thursday after a meeting of foreign and trade ministers from the 21 member economies of the Asia-Pacific Economic Cooperation (APEC) forum, is a tangible expression of the growing relationship between the economies in the region and will help push forward the Doha Round trade negotiations, Foxley said.
The TransPac free trade zone keeps the door open for the participation of other APEC economies, he added.
U.S. Trade Minister Susan Schwab said the United States, by joining the TransPac, supported APEC's efforts to promote regional integration and hopes to expand trade and economic cooperation with other APEC economies.
The TransPac, also known as the P4, was signed by Chile, Brunei, New Zealand and Singapore in July, 2007.
Source:Xinhua
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